The new year brings new found hope and positive energy to tackle the year; leaving 2017 problems in 2017.
While you are thinking about how to make 2018 your year, remember to consider your financial resolutions as well.
Think about the financial mistakes or missed opportunities that happened last year and develop a plan to prevent them from repeating in 2018.
Look at your finances, from your paycheck to your portfolio. It is not enough to create resolutions, “a goal without action is a wish“, you must take action. Some will be easy; some will challenge you, but remember the end game and don’t follow the 99% who will fall off the wagon.
With that said, here are a few things to help guide you while creating your financial resolutions:
Yes, you read that right. Reassess every and anything that affects your credit reputation. While credit scores are more prominent in the U.S, Jamaica utilises credit scores too. In fact, check out yours for free at CreditInfo – http://creditinfojamaica.com/
Loan payments such as your mortgage, car payments, higher purchase and credit cards should be reevaluated and refinanced if possible. Improper care of these will affect your credit information and will make it difficult to secure loans for the future.
Do not neglect your retirement funds.
Regardless of age, a pension plan is something every working individual should be setting aside funds for. This year look at your paycheck and consider increasing the percentage you contribute. Remember that even if you are married, it is recommended to have separate pension plans.
Rebalance your investment portfolio
Call your SSL financial advisor today!
Your portfolio may be off balance due to stock-market fluctuations and may need to be rebalanced to ensure that one investment isn’t an outsized portion of your portfolio.
Has your risk appetite changed?
Has your focus or goals deviated from your original plan?
These affect your investments more than you think. As you change, so should your portfolio.
Remove underperforming securities, take gains from others and diversify your portfolio. Securing your financial wealth should be a top priority.
Last year you may have gotten married, divorced or had a baby, this is an excellent time to make sure that your assets go to the right person in the event of your death. Understandably it is not a fun discussion, but it is an important one.
Use this time of year to consider the bigger financial picture. For most, we look at short-term payments or goals but what about the future?
What do want five, ten, twenty years from now?
Aside from retirement, you may have other goals in mind that might take you a while to achieve. Keep those in mind when creating your financial plan. They encompass just about all aspects of your life and warrant serious consideration as you face the year ahead.
Remember the key to success is making simple financial changes.
If you liked this article and want to read other great stories, try our Archives. Also if you are new to investing you can try our Investment Basics Blog.
If you want to start investing with SSL but don’t have the time to monitor the market or to conduct the trades yourself then you can choose one of SSL’s managed Financial Planning products. We offer a variety of products for every type of investor and if you are interested in managing online trades yourself and having complete control over your investment portfolio then you can try SSL’s Brokerage account.
Follow us on Facebook, LinkedIn and Twitter please leave us a review.